Bitcoin continues to break records. Since the election of Donald Trump on November 5, the queen of cryptocurrencies has gained more than 30%.
Yet another new high for bitcoin. The queen of cryptocurrencies, which has continued to rise since the election of Donald Trump in the United States, with the prospect of regulatory relaxation, exceeded $90,000 this Wednesday, November 13, for the first time in its history. It is approaching the fateful mark of 100,000 dollars.
The first cryptocurrency in terms of capitalization exceeded this threshold around 3:30 p.m. Bitcoin was then trading at $90,336. He had crossed Thursday November 7 the mark of 75,000 dollarssurpassing its record from last March, which so far stood at $73,797.98.
ETFs carry bitcoin
This accumulation of records is not explained solely by Donald Trump’s victory in the United States, but by a favorable environment since the start of the year. Last January, the SEC (Securities and Exchange Commission), the American stock market watchdog authorized 11 spot bitcoin ETFs on January 10offered in particular by asset managers like Blackrock and Fidelity.
Since then, investors have been flocking to these new products. According to the Arkham Intelligence platformwhich tracks crypto portfolios, Blackrock, for example, holds more than $40 billion in assets under management.
As a reminder, an ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock market index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the fall in the price of this index (or these assets).
The election of Donald Trump, the triggering of a “bullish rally”
The American presidential election has played an important role in this rise in the price of bitcoin in recent days. Donald Trump, who will return to the White House in January, has declared that he wants to replace Gary Gensler, the head of the SEC, who has long displayed his anti-crypto position. However, this year the SEC authorized bitcoin and then ether ETFs in the United States, financial products backed by the price of these two cryptocurrencies.
The queen of cryptocurrencies therefore benefits from the “Trump trade”. Donald Trump has pledged to make the United States “the cryptocurrency capital of the world” and wants “all remaining bitcoins to be mined in the United States.” He wants to impose an extremely relaxed regulatory framework for the cryptocurrency sector.
Donald Trump in fact committed during his electoral campaign to making the United States “the world capital of bitcoin and cryptocurrencies”.
The ex-businessman took the opposite view of the Biden government – and therefore of his competitor Kamala Harris -, considered to be in favor of strict regulation of a controversial sector, which largely escapes the control of institutions.
According to the Polymarket site, where bettors predicted Donald Trump’s victory, 62% of these same bettors see bitcoin reaching $100,000 by the end of the year.
